The Other Pension Reform
Professor of Economics at Javeriana University. 02.18.2026 23:35 Updated: 02.18.2026 23:35
TL;DR
- Government administrative measures have severely impacted the pension system, affecting individuals and creating fiscal risks.
- A 23% minimum wage increase forces pensioners to allocate more savings towards insurance, reducing future pensions.
- Changes to the calculation of survivor and disability insurance have drastically increased premium costs for insurers.
- These reforms are making pensions more expensive, potentially leaving savers without coverage for disability or death risks.
- Approximately 12,000 people may have to postpone retirement by an average of five years.
- Around 33,000 individuals might need to rely on the minimum pension guarantee system due to increased insurance costs.
- Pensioners in programmed retirement are also facing reduced payouts due to more expensive insurance.
- The reforms are described as potentially irreversible and driven by the aim to 'cancel profit'.